Oil discovery

Mexico’s state-run oil and gas company Pemex has announced the discovery of new shallow water oil fields in four locations in the Gulf of Mexico.

The oil fields are located near the Cantarell oil field and Pemex’s existing filed Ku Maloob Zaap, and will reportedly yield 200,000 barrels per day.

Pemex chief executive officer Emilio Lozoya said that the company plans to begin production at the fields in around 16 months.

The four filed locations off the coast of Tabasco and Campeche states in the Gulf of Mexico together estimated to hold 350 million barrels.

Pemex said that the new fields consist of three of light crude and one of heavy crude.

"It’s a recent achievement and one of great magnitude."

Lozoya told the Guardian: "It’s a recent achievement and one of great magnitude,"

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Pemex’s new hydrocarbon finds are also expected to produce 170 million cubic feet of gas a day.

In July, Mexico plans to launch the initial auction for 14 oil and gas exploration and production blocks that are located in the Gulf of Mexico.

Pemex income contributes about a third of the Mexico’s budget and government expects to generate more revenue from the company’s latest finds.

Image: The oil fields in the Gulf of Mexico are set to yield 200,000 barrels per day. Photo: courtesy of © Petróleos Mexicanos.